Property market lockdown – the end of the beginning or the beginning of the end?

With the slow easing of lockdown measures we could be forgiven for evoking Churchill. Confidence is returning as we start to venture out with some renewed confidence.

It’s been fascinating to see just how quickly the housing market has gone from almost total shutdown in late March to enthusiastic recovery over the last few weeks. The last ten days has been our busiest of lockdown so far with clients gearing up for the lifting of restrictions today (29 June). Our diaries are full with viewings, offers and settlements which can all now be safely and successfully concluded.

Estate agents, mortgage brokers and surveyors are all experiencing the same release of pent up demand and referrals have been flooding in to our New Business Team. While not quite up to the levels we were seeing pre-lockdown we are definitely expecting a surge in the residential property market which will be great for sellers and buyers alike. The team at Gilson Gray have been active throughout lockdown. House prices have surprisingly not shown any signs of a major reduction over the last few months and we are still seeing properties in Edinburgh and Glasgow in particular selling for well over valuation.

From today we will see many more properties coming on the market as surveyors will be able to carry out Home Reports and many more purchasers will be allowed to view properties. Estate Agents (including our very own excellent team) will be inundated with requests for getting properties on the market as quickly as possible and dealing with hundreds of viewing requests from potential purchasers. We expect this will kick start the market and the momentum will hopefully continue through to next year and beyond. It’s an exciting prospect – we can’t wait to help people with their dream moves!

Property Services Guidance Note: Estate Agency, Letting and Residential Conveyancing

The information and opinions contained in this article are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.